Current return, also called current yield, is the amount of interest you earn on a bond in any given year, expressed as a percent of the current market price.
The current return will, in most cases, not be the same as the coupon rate, or the interest rate the bond pays calculated as a percentage of its par value.
For example, if the par, or face value, of a bond is $1,000 and the coupon rate is 5%, then the interest payments, or annual income, from the bond is $50 per year. If, however, the bond is trading at $900, then that $50 annual income is actually a current return of 5.6%.
The current return does not take capital gains or losses into account, so it is not a reflection of the total return on your bond investment.